外文資料翻譯--公允價(jià)值的定義及優(yōu)越性.doc

畢 業(yè) 設(shè) 計(jì)(論 文)外 文 參 考 資 料 及 譯 文 譯文題目: 公允價(jià)值的定義及優(yōu)越性 學(xué)生姓名: 劉卓言 學(xué) 號(hào): 0722110714 專(zhuān) 業(yè): 會(huì)計(jì) 所在學(xué)院: 商學(xué)院 指導(dǎo)教師: 王思武 職 稱(chēng):講師 2011年 3 月 8 日Explanation and Benefits of Fair Value AccountingAbstract:With the knowledge economy and the rapid development of information society, as reflected at historical cost accounting book value of individual economic resources has seriously deviated from the market value of the correct economic decision makers. Especially in market innovation, financial innovation after another environment, in particular the emergence of derivative financial instruments, so that the fair value of derivative financial instruments has become the only relevant measurement attribute. Fully reflects the fair value of the market value of assets and liabilities, with full advantage.Keywords:definition of Fair value benefits Ensuring Accuracy Definition Fair value accounting also called Market Value Accounting or Market to Market accounting, it is the value of an asset or liability in an arms length transaction between unrelated willing and knowledgeable parties. The concept of fair value is used in many accounting standards including the?IFRS covering acquisition, and the valuation of securities, but is not limited to these.Fair value is an estimate of the price an entity would realize if it were to sell an asset, or the price it would pay to relieve a liabilityMany financial instruments ? such as shares traded on an exchange, debt securities U.S. Treasury bonds, and derivatives ? are measured and reported at fair valueKey Points ?Many financial instruments are measured and reported at “fair value.”?Financial firms use some form of modeling in estimating fair value for many instruments?Most firms have a robust internal control process for ensuring that the models used in these valuations are reasonable and reflect underlying market conditions?Information about how firms calculate fair value is fully disclosed in financial reports Use of Fair Value Fair value is a required measure for many financial instrumentsDetermining whether a financial instrument should be recorded at fair value in a companys financial statements depends in part on what type of institution owns the instrument and the intended use of that instrumentFor example, in the case of a broker-dealer, a high percentage of its assets typically are traded and must therefore be accounted for at fair valueOther institutions record financial instruments at fair value depending on what their intent is for holding the instrument or the nature of the business activityIf an institution decided to hold a U.S. Treasury bond to maturity, for example, the bond can be shown at its original costIf the institution purchases another identical Treasury bond that it intends to sell in the near future, that bond would be accounted for at fair value In addition to using fair value measures to comply with public reporting requirements, companies measure their financial instruments at fair value for a number of internal processes, including: making investing and trading decisions, managing and measuring risks, determining how much capital to devote to various lines of business, and calculating compensationThe use of fair value measurements i s deemed to be relevant in these areasSome methods of determining fair value are preferred to others as they are more accurate when they can be used. The methods used are, in IFRS order of preference:If there are identical transactions in the market, assets and liabilities should be valued with reference to such transactions ? i.e.?marked to market.If identical transactions do not exist, but similar transactions exist, fair value should be estimated making the necessary adjustments and using market based assumptionsIf either of the above methods cannot be used, other valuation methods may be used ? this is what allows?marking to model.Fair value often has a subjective element as so many valuations are likely to use the latter two methods.Determining Fair ValueThe process of valuing an instrument to its fair value depends on how easy it is to determine a price for that instrumentSince fair value is the price at which a willing buyer and seller agree to trade, finding the right price is the key to valuationIn the simplest case, a firm can find the price or value of an instrument in a newspaper or other quotation systemThese prices typically reflect the last price reported to the secondary marketThis usually works very well because listed prices are generally available for such securitiesListed, published prices are not available, however, for all financial instrumentsIn those cases, some estimation is often required to determine fair valueFirms use valuation models that take into account a variety of relevant data, such as current economic forecasts, general market conditions, the price of similar financial instruments, etc. to measure fair valueFor example, corporate bonds typically trade in a well-defined range over Treasury securities of a similar maturityContemporaneous transaction prices in such instruments will generally be very helpful in estimating the fair value of similar securitiesIn most cases, some verifiable market data exists to bolster the objective determination of fair value through modelingFirms rely primarily on judgment only for the very complex instruments where market parameters and prices do not existFair value of intangible assetsThe value of?intangible assets, especially?goodwill?has a significant effect on reported profits and balance sheets. The common exclusion of goodwill for valuation purposes makes this less important for investors. After the initial recognition of goodwill, it should be tested for?impairment?annually.The methods used for valuing intangible assets are categorized by an IFRS into market methods the first two above and the income method the third of the above.Fair value of securitiesIFRS require use of the following methods, in order of preference:Quoted market prices should be used if available.The price should be estimated using market data and with reference to the current market value of a similar instrument.Where the above methods cannot be used, a company should use cost less impairment.Ensuring Accuracy Although judgment is involved in the fair valuation process, most firms have a robust internal control process for ensuring valuations are reasonable and consistentManagement review and oversight are key to ensuring accuracyValuation models are subject to independent review as part of the internal control process to ensure that they reflect underlying market conditions; moreover, they cannot be changed without approvalsIn addition, estimates generated by the models are compared to actual trades to determine the reasonableness of the estimatesFirms also employ other means of independent verification, such as comparing estimates to the value of the instrument at termination Benefits Fair value provides important information about financial assets and liabilities as compared to values based only on their historical cost original price paid or receivedSince fair value reflects current market conditions, it provides comparability of the value of financial instruments bought at different times. In addition, financial disclosures that use fair value provide investors with insight into prevailing market values, further helping to ensure the usefulness of financial reportsReduced Net IncomeUsing fair value accounting, when values of assets decrease, the companys calculated net income decreases. When the companys value of liabilities increase, the companys calculated net income also decreases. Net income is the bottom line of a companys Income Statement. This amount reflects the amount the company pays taxes on. This is an advantage to companies because a lower net income results in lower taxes. These affects to assets and liabilities also cause a decrease in the equity of the company. A lower equity results in less money a company must decide what to do with. This usually results in less employee bonuses, which means more money in the companys pocket.Realistic Financial StatementsCompanies reporting under this method have financial statements that are more accurate than those not using this method. When assets and liabilities are reported for their actual value, it results in more realistic financial statements. When using this method, companies are required to disclose information regarding changes made on their financial statements. These disclosures are done in the form of footnotes. Companies have an opportunity for examining their financial statements with actual fair values, allowing them to make wise choices regarding future business operations.Investors BenefitFair value accounting offers benefits for investors as well. Because fair value accounting lists assets and liabilities for their actual value, financial statements reflect a clearer picture of the companys heath. This allows investors to make wiser decisions regarding their investment options with the company. The required footnote disclosures allow investors a way of examining the effects of the changes in statements due to fair values of the assets and liabilities.With the knowledge economy and the rapid development of information society, as reflected at historical cost accounting book value of individual economic resources has seriously deviated from the market value of the correct economic decision makers. Especially in market innovation, financial innovation after another environment, in particular the emergence of derivative financial instruments, so that the fair value of derivative financial instruments has become the only relevant measurement attribute. In todays accelerated process of internationalization, international accounting standards and gradually, the introduction of new accounting standards in 2006, the biggest highlight is the re-use of fair value, with economic globalization and the development of international coordination of accounting, fair value in China The extensive use will not be avoided.公允價(jià)值的定義和優(yōu)越性摘要:隨著知識(shí)經(jīng)濟(jì)和信息化社會(huì)的迅速發(fā)展,按歷史成本反映的會(huì)計(jì)個(gè)體經(jīng)濟(jì)資源賬面價(jià)值已經(jīng)嚴(yán)重偏離市場(chǎng)價(jià)值,影響了經(jīng)濟(jì)決策者的正確決策。特別在市場(chǎng)創(chuàng)新、金融創(chuàng)新層出不窮的環(huán)境下,尤其是衍生金融工具的出現(xiàn),使公允價(jià)值成了衍生金融工具唯一相關(guān)的計(jì)量屬性。公允價(jià)值充分體現(xiàn)了資產(chǎn)和負(fù)債的市場(chǎng)價(jià)值,具有充分的優(yōu)越性。關(guān)鍵詞:公允價(jià)值的定義 優(yōu)越性 公允價(jià)值的確定 定義 公允價(jià)值(Fair Value) 亦稱(chēng)公允市價(jià)、公允價(jià)格,熟悉市場(chǎng)情況的買(mǎi)賣(mài)雙方在公平交易的條件下和自愿的情況下所確定的價(jià)格,或無(wú)關(guān)聯(lián)的雙方在公平交易的條件下一項(xiàng)資產(chǎn)可以被買(mǎi)賣(mài)或者一項(xiàng)負(fù)債可以被清償?shù)某山粌r(jià)格,以減輕負(fù)債。?很多金融工具-如買(mǎi)賣(mài)一股票交換,債務(wù)證券(美國(guó)國(guó)債)和金融工具衍生物,公平價(jià)值的觀念用在很多會(huì)計(jì)標(biāo)準(zhǔn),包括國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則?,包括收購(gòu)?,以及證券估價(jià),但并不限于這些。 要點(diǎn) 許多金融工具計(jì)量和報(bào)告的“公平價(jià)值”。 金融公司利用價(jià)值多一些文書(shū)形式估計(jì)公平的建模研究。 大多數(shù)企業(yè)都有內(nèi)部控制程序,以確保一個(gè)強(qiáng)大的,在這些使用的模型估值是合理的,反映了潛在的市場(chǎng)條件。 價(jià)值的信息有關(guān)企業(yè)如何計(jì)算中充分披露公允的財(cái)務(wù)報(bào)告。 公允價(jià)值的使用 公平價(jià)值是很多金融工具衡量的要求。?確定是否金融工具應(yīng)以公允價(jià)值記錄在公司的財(cái)務(wù)報(bào)表部分程度上取決于擁有什么樣的機(jī)構(gòu)類(lèi)型的金融工具和該用途文書(shū)。?例如,在典型的案件經(jīng)濟(jì)交易商,其高比例的資產(chǎn)進(jìn)行交易,因此必須按公允價(jià)值入賬。?記錄的其他金融機(jī)構(gòu)工具按公平價(jià)值取決于他們的意圖是什么,是為舉行的文書(shū)或商業(yè)性質(zhì)的活動(dòng)。?如果一個(gè)機(jī)構(gòu)決定向美國(guó)國(guó)債持有至到期日,例如,債券可顯示在其原始成本。?如果該機(jī)構(gòu)購(gòu)買(mǎi)另一相同的國(guó)債,它打算在不久的將來(lái)出售,這將是按公允價(jià)值計(jì)價(jià)的債券。 除了使用公允價(jià)值的措施,以符合公眾報(bào)告要求,使用公允價(jià)值也是公司內(nèi)部流程衡量他們的數(shù)字金融工具的要求,其中包括:投資和交易決策,風(fēng)險(xiǎn)管理和測(cè)量,確定多少資金投入到各種業(yè)務(wù)范圍和計(jì)算賠償。?公允價(jià)值計(jì)量被認(rèn)為是在這些有關(guān)的領(lǐng)域使用。 一些測(cè)定的方法優(yōu)先考慮公允價(jià)值而與他人更準(zhǔn)確當(dāng)他們都可以使用。采用的方法是,在國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的優(yōu)先順序: 如果有相同的市場(chǎng)交易,資產(chǎn)和負(fù)債應(yīng)當(dāng)重視與參考該等交易-即按市值?。 如果相同的交易不存在,但類(lèi)似的交易存在,應(yīng)該估計(jì)公平值作出必要的調(diào)整和以市場(chǎng)為基礎(chǔ)的假設(shè) 如果上述方法之一不能使用,其他評(píng)估方法可用于-這是允許標(biāo)記,以模型?。 公允價(jià)值主觀因素常常出現(xiàn)這么多估值可能會(huì)使用后兩種方法。 確定公允價(jià)值 估價(jià)價(jià)值的過(guò)程及其公平的工具取決于如何能夠非常容易地確定價(jià)格。?由于公允價(jià)值的價(jià)格在于某個(gè)自愿買(mǎi)方和賣(mài)方同意貿(mào)易,尋找合適的價(jià)格是估價(jià)的關(guān)鍵。?在簡(jiǎn)單的情況下,企業(yè)可以找到價(jià)格或價(jià)值的系統(tǒng)工具在報(bào)紙上或他報(bào)價(jià)。這些價(jià)格通常報(bào)告反映了去年的價(jià)格向二級(jí)市場(chǎng)。這通常是因?yàn)楣ぷ鞯煤芎昧谐龅膬r(jià)格一般都可用這種證券。 上市時(shí)發(fā)行價(jià)格不到位,然而對(duì)所有金融工具,在這種情況下,一些估計(jì),往往需要由公允價(jià)值確定。?公司采用的估值模型,采取考慮到各種相關(guān)數(shù)據(jù),如當(dāng)前的經(jīng)濟(jì)預(yù)測(cè),一般市場(chǎng)條件下,類(lèi)似金融工具的價(jià)格等,以計(jì)量公允價(jià)值。?例如,公司債券的一般貿(mào)易超過(guò)國(guó)庫(kù)券的類(lèi)似一個(gè)明確的成熟范圍。?在這些文書(shū)同期交易價(jià)格一般會(huì)對(duì)估計(jì)類(lèi)似證券的公允價(jià)值非常有幫助。?在大多數(shù)情況下,一些市場(chǎng)數(shù)據(jù)核查存在是為了加強(qiáng)決心通過(guò)建模對(duì)公允價(jià)值的目